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Wheat and Gold Are Feeling Downside Pressure as the Dollar Strengthens
By: James Hyerczyk - 08-07-2008
0votesWeaker commodity prices along with a slow down in the Australian economy are putting pressure on the AUD/USD.
Key exports such as wheat and gold are feeling downside pressure as the Dollar strengthens. A report showing a slowdown in construction and another showing fewer job-vacancy ads is also causing traders to believe that the Reserve Bank of Australia may be through raising rates the rest of the year.
Although a couple of weeks ago this market was poised to breakout over .9700 on its way to par, the market has not been getting any bullish news lately.
Chart watchers expect the market to pull back into a support zone at .9497 to .9457. The main trend is still up so there may be some technical buying in this retracement zone.
Next Analysis: Bearish News Continues to Pile Up on NZD/USDContent Provided by:
James Hyerczyk
James A. Hyerczyk is a registered Commodity Trading Advisor with the National Futures Association.
Mr. Hyerczyk has been actively involved in the futures markets since 1982. He has worked in various capacities within the futures industry from technical analyst to commodity trading advisor.
DISCLAIMER:
Forex (off-exchange foreign currency futures and options or FX) trading involves substantial risk of loss and is not suitable for every investor. The value of currencies may fluctuate and investors may lose all or more than their original investments. Risks also include, but are not limited to, the potential for changing political and/or economic conditions that may substantially affect the price and/or liquidity of a currency. The impact of seasonal and geopolitical events is already factored into market prices. Prices in the underlying cash or physical markets do not necessarily move in tandem with futures and options prices. The leveraged nature of FX trading means that any market movement will have an equally proportional effect on your deposited funds and such may work against you as well as for you. In no event should the content of this correspondence be construed as an express or implied promise or guarantee from James A. Hyerczyk and J.A.H. Research and Trading or its subsidiaries and/or affiliates that you will profit or that losses can or will be limited in any manner whatsoever. Loss-limiting strategies such as stop loss orders may not be effective because market conditions may make it impossible to execute such orders. Likewise, strategies using combinations of positions such as "spread" or "straddle" trades may be just as risky as simple long and short positions. Past results are no indication of future performance. Information contained in this correspondence is intended for informational purposes only and was obtained from sources believed to be reliable. Information is in no way guaranteed. No guarantee of any kind is implied or possible where projections of future conditions are attempted.
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